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PRICE INDEX

IN 2023

The global commodity market in 2023 experienced significant
fluctuations influenced by economic, political, and social factors. The
ongoing military conflict between Russia and Ukraine, along with
increased instability in the Middle East, continued to impact the market.
Many countries maintained tight monetary policies, resulting in weakened
aggregate demand and slow economic growth. Extreme weather conditions
in several nations disrupted the balance of food production and
consumption. Global inflation showed a decreasing trend since the
beginning of the year.

Domestically, various proactive measures were implemented,
including reducing interest rates for loans, stabilizing the foreign exchange
market, allocating funds for public investment, and initiating credit support
packages for different sectors. Value-added tax was reduced from 10% to
8% for certain goods and services starting July 1, 2023. Environmental
taxes on aviation fuel were lowered, and support for businesses was
provided. Social welfare efforts were also a focus of attention.

At the provincial level, the economic and social situation remained
stable in 2023, achieving the targeted growth rate. The average consumer
price index in 2023 increased by 3.41% compared to the previous year.
Factors contributing to this increase included the rise in basic wages from
1.49 million dong to 1.8 million dong, adjustments in tuition fees at local
colleges and universities, and increases in household electricity prices. The
prices of food, medical services, and production costs also influenced the
overall inflation.

Despite factors contributing to increased consumer prices, the fuel
index decreased by 11.58%, and the gas index dropped by 7.20%
compared to the average of 2022, easing overall price pressures.

The gold price index in December 2023 increased by 9.80%
compared to December 2022, with an annual average increase of 2.13%.
The U.S. dollar index in December 2023 rose by 0.98% compared to
December 2022, with an annual average increase of 2.04% over 2022.

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